The USDA Agricultural Marketing Service today released a notice of final rule implementing mandatory wholesale pork reporting as required by the Mandatory Price Reporting Act of 2010.
When it was implemented, the MPR Act only included cattle, swine, sheep, boxed beef, boxed lamb, and imported lamb meat. The new rule adds wholesale pork cuts to that list.
The rule outlines what information packers will be required to submit to AMS, how the information should be submitted and other requirements. Packers will be required to submit the price of each sale, quantity and other characteristics, such as the type of sale, item description and destination of the product. AMS will use the data to produce market reports.
Craig Morris, deputy administrator of the AMS Livestock and Seed Program, said adding wholesale pork reporting will provide more market information to market participants.
Morris said a mandatory wholesale pork reporting program will "ensure that accurate, unbiased market information is available to all market participants, ultimately benefitting consumers through improved price discovery in the sector."
The National Pork Producers Council was involved in negotiations to get the reporting provision added to legislation that reauthorized previously expired Reporting Act. NPPC President R.C. Hunt praised the addition of the reporting rule.
"America's pork producers are grateful for USDA's cooperation in helping develop this valuable tool for pork producers since it is becoming increasingly common to sell hogs based on the cutout price," Hunt said. "This important addition to the price reporting law allows for a more competitive market and will provide greater transparency in the livestock market."
The AMS has posted the official rule in the Aug. 22, 2012, Federal Register and will be working with packers as soon as practical to ensure requirements are met.
The program will become effective on Jan. 7, 2013.